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10 CRITICAL FACTIORS TO EXPLORE WHEN CHOOSING AN OFFSHORE OUTSOURCING PROVIDER FOR FOREIGN EXCHANGE

   By: Chetan Sojitra

OUTSOURCING FX is No New Trend for Bank:

While today's competitive financial market demand that banks respond to market needs quickly and efficiently, there was a time when only the largest money centers could afford to offer foreign exchange (FX) service. Technological advancement has made a foreign exchange product line accessible to bank of all sizes. However, in today's economy, bank has to consider the feasibility of offering foreign exchange product and services. As a fee-based product offering, foreign exchanges service can enhance a bank's revenue stream while meeting a market need. Yet, the cost for creating a FX processing environment can be enormous. It is for this reason that foreign exchange is an area that numerous bank outsource to correspondent bank or non-bank providers in order to compete in today's financial market. Outsourcing FX product and services allows bank to offer an advanced technology solution, industry expertise and superior customer service without the costs of back office investments. Art Gillis, principal of Computer Based Solutions, Inc. in Dallas, Texas, reported that "About 43 percent of America's 9,355 banks and thrifts currently outsourcers some of their operation."

Ten questions to be asked before evaluating the Foreign Exchange Online Systems.

1. Is the system networked from the parent bank to branch bank?

2. Does the system provide flexibility for your bank to share revenues with the provider or to mark up rates and still have the ability to remain competitive? 3. is the system integrated seamlessly with your bank's other system? 4. Does the system allow your bank to retain controls over profit margins, processes and account management procedure? 5. Can the bank re-brand the system for its bank and subsidiary? 6. What capabilities are available to store, track, and send your customer information's? 7. How are investigation handled? 8. What is the security feature? 9. Can your bank create a centralized or decentralized process for managing its foreign exchange transaction? 10. Does the systems enable your bank to provide customer real-time market information's?

For more information please log on to: http://www.tatvasoft.com/outsourcing%5C2005%5C05%5Coffshore-outso urcing_18.html

Article Source: http://www.friendsofvista.org/articles/article39947.html





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